Many have succumbed to bankruptcy. Newsmax, Moneynews, Newsmax Health, and Independent. In Q1, Exxon swung to a $640 million loss—its first loss in a decade after a $2.9 billion market-related charge. Earlier today Forbes & Business Insider confirmed the rumors which had been circulating within ExxonMobil circles for the past few months. Kevin Crowley It also cut 2020 capex by a staggering $10 billion—a 30% cut. Exxon’s stock (XOM) has plunged 52% this year and the company all but ended its aggressive, $30 billion-a-year counter-cyclical growth strategy. View all Motley Fool Services. Rivals such as BP Plc and Chevron Corp. have also announced large layoffs in recent weeks. “Today’s alternatives don’t consistently offer the energy density, scale, transportability, availability -- and most importantly -- the affordability required to be widely accepted,” he said. Exxon’s stock has plunged 52% this year and the company all but ended its aggressive, $30 billion-a-year counter-cyclical growth strategy. But Woods was clear that the cutbacks are not a sign that his faith in oil and gas is in any way diminished. An image of a chain link. Read the full story. Twitter. The oil behemoth’s job cuts are just the latest sign of struggle among U.S. energy producers navigating the industry’s worst downturn in recent memory. The oil behemoth’s job cuts are just the latest sign of struggle among U.S. energy producers navigating the industry’s worst downturn in recent memory. “Our plan is to continue to stage project execution and spending,” Woods said. The company was forced to slash its capital spending budget by one-third, or $10 billion, after crude dropped to the lowest in a generation. The EU is aiming to reach neutrality across all greenhouse gases by 2050. Have a confidential tip for our reporters? “Our plan is to continue to stage project execution and spending,” Woods said. “Well, I can think of no higher purpose than helping people and communities around the world grow in prosperity and achieve their aspirations for a better life through affordable energy.”. “Making the organization more efficient and more nimble will reduce the number of required positions and, unfortunately, reduce the number of people we need.”. California announced a new plan to end the sale of gasoline-powered cars by 2035. CEO Darren Woods told employees the North Texas energy giant has suffered mightily this year due to a drop in demand and needs to make job cuts. ExxonMobil plans layoffs but maintains faith in fossil fuels. Significant investments are needed by oil and gas companies such as Exxon to meet projected long-term consumption, Woods said. This week two high-profile mergers were announced as explorers seek to gain scale and cut costs to survive the devastating impact of Covid-19 on global demand for fuel. “We are making tough decisions, some of which will result in friends and colleagues leaving the company.”. 2020-10-23T14:16:00Z The letter F. An envelope. Europe Steps Closer to Lockdown-Level Curbs in Italy and Spain, Stocks Slump on Rising Covid Cases; Dollar Gains: Markets Wrap, Time to Reset Expectations for World Economy With Virus Untamed, Lee Kun-hee, Korean Icon Who Transformed Samsung, Dies at 78, Dunkin’ Brands Says It’s in Talks to Be Acquired by Inspire.

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